● 本报记者 昝秀丽 "当中国科技成为全球资本瞩目的焦点，其背后既有中国科技创新十年磨一剑的积淀，也得益于创投机 构从'猎人'到'农夫'的角色蜕变。"普华资本董事长曹国熊在接受中国证券报记者采访时表示。 曹国熊表示，从坚持科技赛道的长期主义，到孵化模式的创新突破，创投机构的价值不仅在于发现未 来，更在于参与创造未来。在让"创新浙江"成为中国式现代化省域先行的鲜明标识，以及全球资本纷纷 聚焦中国科技的背景下，创投机构的新探索正为行业提供新的破局思路。普华资本持续看好人工智能 （AI）、创新药、商业航天等赛道的投资机遇。 科技赛道爆火有其深层逻辑 "科技赛道的热度，不是突然出现的。"提及杭州"六小龙"引发的关注，曹国熊表示，这背后离不开创投 机构十年磨一剑的前瞻布局。 他举例说，普华资本早在2015年就组建了三支聚焦硬科技的团队，2016年切入生物医药领域，2018年布 局商业航天赛道等，这些看似超前之举，实则是基于对国家科技创新趋势的精准把握。 管理规模超过300亿元；累计投资600多个项目，其中三分之一已完成退出；投资字节跳动、中际旭创、 三六零、中控技术、毛戈平等80家赛道龙头……这是普华资本投资20多年来 ...

● 本报记者 昝秀丽 近五年，交易所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百 分点，达到31.6%；"十四五"期间，交易所债券市场累计发行各类债券超52.4万亿元，科技创新公司债 券已累计发行1.77万亿元，有力支持科技强国战略；截至二季度末，私募股权创投基金参与投资了九成 的科创板和北交所上市公司、过半数的创业板上市公司……一组数据折射出"十四五"期间资本市场助力 科技创新的实践轨迹，A股含"科"量实现跃升。 资本市场服务科技创新跑出"加速度"，得益于投融资两端协调发展的市场功能持续完善，以及政策持续 向"新"倾斜。分析人士认为，展望"十五五"，相关政策有望以深化科创板、创业板改革为抓手，构建覆 盖科技型企业全生命周期的产品与服务生态，推动更多掌握关键核心技术的"硬科技"企业登陆资本市 场，更好地服务新质生产力发展。 结构生变："科技叙事"逻辑日益清晰 招商证券研发中心副总监谢亚轩认为，在政策促进下，科创债发行节奏明显加快，存量规模占比显著提 升。随着各项政策、制度的进一步落地落实，我国科创债市场有望持续稳健发展，进一步为科技型企业 提供有力金融支持。 商业航天 ...

Group 1: Low-altitude Economy - The low-altitude economy is expected to see significant development driven by large-scale infrastructure projects, with 2025 being a pivotal year for the transition from planning to industrial implementation [4] - The establishment of a nationwide low-altitude communication and navigation system is set to be completed by 2025, enhancing safety and operational capabilities in the low-altitude airspace [4] - The government's focus on developing new productive forces highlights the importance of the low-altitude economy in future economic strategies [4] Group 2: Deep Sea Technology - Deep sea technology has been elevated to a national strategic level, with significant market potential estimated in the trillions, covering areas such as deep-sea protection, detection, and resource development [5] - The government is expected to continue issuing supportive policies and financing for the deep sea technology sector, which is anticipated to accelerate its development [5] Group 3: Solar Thermal Power and Energy Storage - Solar thermal power generation is positioned as a stable and dispatchable energy source, with a projected cost reduction to 0.55 yuan per kilowatt-hour by 2025 [6] - The integration of molten salt energy storage systems is expected to enhance the efficiency and application of solar thermal power in various sectors [6] Group 4: Humanoid Robots - The aging population in China is driving the demand for humanoid robots, with projections indicating a labor supply gap of 6 million by 2025 and 20 million by 2030 [10] - The humanoid robot industry is expected to reach a market size of $32.4 billion globally and 75 billion yuan domestically by 2029 [10][12] - Recent policies in China are shifting focus from technology development to industrialization of humanoid robots, with several strategic plans being implemented [15] Group 5: Robotics Policies and Market Trends - China has introduced numerous policies to support the robotics industry, with a focus on enhancing manufacturing capabilities and promoting the integration of robotics in various sectors [15][19] - The market for humanoid robots is witnessing rapid commercialization, with several companies planning to deliver thousands of units in the coming years [18] Group 6: Commercial Space and Satellite Launches - The low-orbit satellite network is entering a dense phase, with a significant increase in satellite launches projected for the coming years [32] - The domestic satellite launch market is expected to grow from 12.4 billion yuan in 2020 to a substantial scale by 2030, driven by both state-owned and private enterprises [32]

以下文章来源于创投日报 ，作者李明明 创投日报 . 投资人都在关注的主流媒体平台，《科创板日报》出品。 国产商业火箭发射频次持续加快，"批量上天"态势已现。 今日中午，中科宇航力箭一号遥八运载火箭在东风商业航天创新试验区发射，采用"一箭3星"的方式，将中科卫星03星和04星等卫星顺利送 入预定轨道，发射任务取得成功。此外，仅今年8月，国内就完成9次商业发射任务，全年民商火箭计划排期达至少20次。 近期全球商业航天领域同样动态频出，近日，SpaceX星舰V2完成第11次飞行试验，标志着国际商业航天在可重复使用技术上持续突破，而 这一进展也为全球产业竞争划定了新坐标。 但热闹背后，行业潜藏的多重现实瓶颈愈发凸显。《科创板日报》记者就此采访多名业内专家，从技术突破、产业链配套、生态构建等维度 详解当前产业困境。 技术层面，可重复使用技术的商业化闭环尚未形成。一位业内长期研发航天技术的高管在受访时对《科创板日报》记者指出， 火箭重复使 用是融合归航、变推、回收等多领域技术的复杂工程，尽管国内箭元科技"元行者一号"实现海上软着陆回收、深蓝航天完成百吨级发动机试 车，但与SpaceX已形成的"回收-复用-迭代"成熟模式相 ...

中科卫星03星、04星是中科卫星科技集团有限公司抓总研制的两颗X波段SAR遥感卫星。两颗卫星成功 入轨后将纳入中科卫星科技集团有限公司建设的AIRSAT星座运行，为自然资源、农业农村、应急防 灾、水利建设、城市规划等领域的SAR遥感数据应用提供有力支撑。 本报讯(记者李乔宇)2025年10月19日11时33分，中科宇航技术股份有限公司(以下简称"中科宇航")力箭 一号遥八运载火箭在东风商业航天创新试验区发射，采用"一箭3星"的方式，将巴基斯坦遥感卫星02 星、中科卫星03星和04星共3颗卫星顺利送入预定轨道，发射任务取得圆满成功。这是中科宇航力箭一 号又一次完成国际订单履约，让中国商业火箭成为连接世界、服务全球的太空桥梁。 此次任务是力箭一号运载火箭的第九次飞行。截至目前，力箭一号共将73颗卫星精准送入预定轨道，入 轨载荷总质量超9吨。 ...

史晓宁介绍，针对本次任务两次分离的卫星不同轨道参数要求，团队创新设计了星箭分离段变目标 轨道参数方案，利用火箭剩余的推进剂在保证第一次卫星分离入轨精度的同时，对第二次分离的卫星轨 道参数进行修正，实现两次分离卫星不同轨道参数高精度入轨，提高任务适应性。 "力箭一号在市场方面建立了包括拼车发射、整箭专车发射、外星搭载发射、发射国家任务等多样 化的发射服务能力。"史晓宁说，发射成本已降至每公斤载荷1万美元以内，订单响应周期缩短至6个月 内，发射场测试发射周期约7至10天。（记者宋晨） "本次任务针对卫星的尺寸和重量设计了串联布局，为提高分离安全性设计了卫星支架前舱段导向 分离方案，并通过增加阻力面积提高面积、质量比，从而减少卫星支架前舱段分离体轨道寿命，避免产 生长期留轨的太空垃圾。"力箭一号总设计师史晓宁说。 力箭一号副总指挥孟祥福表示，每一次"一箭多星"任务都是复杂的系统工程， 涉及 到 卫星在火箭 上的布局、分离时序、轨道设计、避免分离后碰撞等诸多挑战。团队多次成功完成这类任务，特别是首 飞实现"一箭六星"，遥二箭实现"一箭二十六星"，创造了当时国内一箭多星发射纪录。 10月19日11时33分，力箭一号遥八 ...

（来源：价值研学社） 要说周五下跌的由头，最扎心的还是川子又来搞事。85名参议员要给老特授权，针对咱们买俄罗斯石油 这事，最高征500%关税。这消息一出来，量化机构的程序就跟打了鸡血似的，一顿猛砸；恐慌的散户 也跟约好了似的割肉；大兄弟也没出来拉一把，尾盘直接就泥沙俱下啦。 但恐慌到冰点的时候常有错杀。到了周五傍晚，剧情大反转！富时A50就跟打了鸡血似的直线往上冲， 美股更夸张，原本夜盘还在低谷趴着，后半夜跟开挂了一样，不仅把跌幅全补回来了，还涨多跌少。后 来媒体揭秘，原来是川子突然改口了，说说高关税不可持续，截止日能延迟。这老特的嘴啊，之前喊打 喊杀的，现在又说不可持续，不管他是真心还是假意，至少让市场情绪有了点缓和的预期。 5.奇瑞放大招，在全球创新大会上展出了全固态电池模组，电芯能量密度 600Wh/kg，续航1200-1300 公 里！这数据啥概念呀？现在主流的液态锂电池也就250-350Wh/kg，全固态直接翻倍，续航直接能 "充电 一次跨半个中国"。虽然量产可能还得等一等，但技术突破的信号够强，固态电池材料，比如电解质、 正极这些相关的公司，可能有修复机会。 6.人形机器人近期催化多。北京副中心发 ...

10月19日，据证监会官网信息显示，江苏天兵航天科技股份有限公司（简称"天兵科技"）于10月14日与 中信建投证券股份有限公司签署辅导协议，聘请中信建投证券作为其IPO辅导机构，目前已辅导备案。 当前商业航天企业正加速IPO。除天兵科技外，蓝箭航天、屹信航天等也均于年内启动上市辅导。商业 航天头部企业密集冲刺IPO背后是政策支持力度的加大。 今年6月，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，以设置专门层 次为抓手，重启未盈利企业适用科创板第五套标准上市。《意见》提及，扩大第五套标准适用范围，根 据产业发展和市场需求，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用科创板第五 套上市标准，加大对新兴产业和未来产业的支持力度。 7月末以来，蓝箭航天、屹信航天、中科宇航、微纳星空等多家头部商业航天企业已启动上市辅导。 多个省份也纷纷推出支持商业航天发展举措，《广东省推动商业航天高质量发展若干政策措施（2025— 2028年）》《山东省加快推动商业航天产业高质量发展的若干措施》等政策相继出台。 辅导备案报告显示，天兵科技注册在张家港经济技术开发区，注册资本为3.91亿元；控股股东 ...

Group 1 - The core point of the news is that Jiangsu Tianbing Aerospace Technology Co., Ltd. has officially submitted its listing guidance record, marking a significant step in the commercialization and scaling of China's commercial aerospace sector [1] Group 2 - Tianbing Technology has achieved a domestic record for thrust in liquid rocket engines with the successful sea test of the Tianlong-3 large liquid launch vehicle, indicating its capability for batch launches [2] - The Tianlong-3 rocket is expected to have a near-Earth orbit capacity exceeding 20 tons, comparable to SpaceX's Falcon 9, and can support the launch of 36 satellites in one go, addressing the demand for high-reliability, high-frequency, and low-cost satellite launches in China [2] Group 3 - Prior to initiating its IPO guidance, Tianbing Technology completed nearly 2.5 billion RMB in financing, which will be used for rocket mass production and the development of new-generation engines [3] - The company has established a comprehensive industrial chain covering rocket research, large-scale manufacturing, and dedicated launch facilities, with an initial capacity to produce 30 Tianlong-3 rockets and 500 Tianhu series engines annually [3] Group 4 - The demand for launching over 30,000 satellites for China's satellite internet construction presents a vast market opportunity for commercial aerospace [4] - The initiation of the IPO by Tianbing Technology signifies a transition from "technology validation" to "scale commercialization" in China's commercial aerospace sector, driven by policy support and market demand [4]

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) has signed a counseling agreement with CITIC Securities for its IPO, indicating a significant step towards public listing in the commercial aerospace sector [1] Company Overview - Tianbing Technology is a high-tech enterprise specializing in the development of next-generation liquid rocket engines and medium to large liquid launch vehicles, with a registered capital of 391 million yuan [1] - The company has been recognized as a unicorn for three consecutive years and is expected to enter the global unicorn list in 2024, showcasing strong growth potential [1] Development Strategy - The company aims to establish a product development strategy focusing on "three machines and two rockets," supported by strategic centers and platforms across various locations, including Beijing and Xi'an [1] - Tianbing Technology plans to build a supply chain system that radiates nationwide from the Yangtze River Delta and a launch market network that targets global reach [1] Financing Activities - In June of the previous year, Tianbing Technology announced the completion of over 1.5 billion yuan in Series C+ financing, which will primarily fund the maiden flight and mass production of the Tianlong-3 large liquid launch vehicle [2] Industry Context - The commercial aerospace sector is witnessing a surge in IPO activities, with companies like Blue Arrow Aerospace and Yixin Aerospace also initiating listing counseling this year [3] - The China Securities Regulatory Commission has increased support for the commercial aerospace industry, allowing unprofitable companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board [3] - Various provinces have introduced policies to promote the high-quality development of the commercial aerospace sector, such as Guangdong and Shandong [3]